The Education Department announced the latest round of cancellation on Wednesday, saying it will erase $7.7 billion in federal student loans.

The Biden administration is canceling student loans for another 160,000 borrowers through a combination of existing programs.

The Education Department announced the latest round of cancellation on Wednesday, saying it will erase $7.7 billion in federal student loans. With the latest action, the administration said it has canceled $167 billion in student debt for nearly 5 million Americans through several programs.

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The latest relief will go to borrowers in three categories who hit certain milestones that make them eligible for cancellation. It will go to 54,000 borrowers who are enrolled in Biden’s new income-driven repayment plan, along with 39,000 enrolled in earlier income-driven plans, and about 67,000 who are eligible through the Public Service Loan Forgiveness program.

  • ZaktorEnglish
    12·
    6 months ago

    The end result was a promised program that didn’t work as intended and was unreliable. The details are a little less important than the results. However, I’m actually referring broadly to some folks that I saw saying that it should be some sort of presidential ‘ritual’ of forgiving debt, rather than being confined to select programs.

    Then maybe you should have found a topic about that or referred to it specifically rather than just latching on to whatever debt-forgiveness news came up to air your grievances. It’s kind of obvious you’re not really concerned with whether a program is “unreliable” and just don’t like debt forgiveness, because all of these things exist with any program ever. The executive can sabotage it? That’s fucking everything. These are congressionally-passed laws establishing long running programs, there’s no “righter” way that means a hostile executive can’t sabotage it.